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The Emerging E-Money Era in

Ghana

Dr Settor Amediku, Bank of Ghana

2016 Accountants’ Conference

Moevenpick Ambassador Hotel

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Outline

Brief Background

Roles of Bank of Ghana in e-money Space

Roles of Deposit Money Banks and Non

Bank Financial Institutions

The Emerging E-money space

Summary and Conclusion

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Roles of Bank of Ghana and in the e-

money space

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How did Ghana get the market into the

electronic money space?

Passage of E-Money and Agents

Guidelines (July 2015)

These guidelines replaced the Branchless

Banking Guidelines to:

overcome its shortcomings

broaden the scope of electronic money

usage and

provide the unbanked access to other

financial services.

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Reporting Framework

The Payments System Office developed the

following reporting formats and guides to collect

and monitor developments in the payment system

landscape: Guide for Reporting Institutions (E-Money Issuers) (completed in

June 2015)

Guide for Reporting Institutions (Deposit Money Banks) (completed

in July 2015)

Incidents Reporting returns for both DMBs and EMIs (completed in

August 2015)

Customer Complaint reporting returns (completed in July 2015)

Suspicious Transactions Return (completed in August 2015)

Web based portal for submission of these returns

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The Emerging E-money Space

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Chart 1: Float Balances: 2012 – March 2016

19.5962.82

223.33

341.28

547.96581.34

0

100

200

300

400

500

600

700

2012 2013 2014 Jun-15 2015 Mar-16

Float Balances in million Ghana cedis

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Chart 2: Registered Mobile Money Agents2012 – March 2016

8,660

17,492

26,889

79,747

93,376

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2012 2013 2014 2015 Mar-16

Registered Mobile Money Agents

Registered Agents

Summary and Conclusion

The e- money sub-sector has witnessed

significant growth and the development of new e-

money products and services are expected to

deepen the landscape and also bring intense

competition.

The world is moving towards digital finance for all

inclusive finance and growth

Ghana is on the right path by putting in place the

necessary regulatory framework and institutional

arrangements to achieve these objectives

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